FTC Holds Third Special Achievement Bonus Ceremony... Awards 34 Million Won to 28 Employees

Achievements recognized across eight initiatives, including protections for subcontractors and small businesses
"Special rewards" for staff behind policies that make a tangible difference to the public

The Fair Trade Commission (FTC) awarded a total of 34 million won in special achievement bonuses to 28 people, including staff members who helped resolve liquidity crises among suppliers triggered by incidents such as the TMON-Wemakeprice crisis and curbed reckless lending practices by prepaid funeral service companies.

The FTC said on October 19 that it held its third special achievement bonus ceremony on October 7 and awarded bonuses to employees who successfully completed eight projects, including protecting the rights and interests of economically vulnerable groups. A total of 7 million won was awarded to officials Yoo Gyeongmu, Kim Noyun, Park Seonuk and Park Jeongyong, who made significant contributions to protecting the rights of prepaid funeral service consumers and suppliers by revising the Installment Transactions Act and the Act on the Fair Transactions in Large Retail Business. They established a legal basis for preventing prepaid funeral service companies from recklessly lending funds to controlling shareholders, relatives and others, and laid the groundwork for protecting around 11 million prepaid funeral service consumers by forming a joint investigation team with the Financial Supervisory Service. They were also recognized for creating a stable business environment by rationally shortening payment deadlines for around 210,000 suppliers, following Homeplus's rehabilitation proceedings and the TMON-Wemakeprice crisis.

Staff members who uncovered a longstanding price-fixing arrangement in South Korea's domestic starch and starch-syrup markets and employees who developed a plan to integrate Korean Air and Asiana Airlines' mileage programs each received 5 million won. In particular, staff members handling the starch-syrup price-fixing case were recognized for directly contributing to food price stability by prompting four starch companies to voluntarily lower the prices of key products during the FTC's investigation.

Other employees each received 4 million won for developing a plan to revise the system to strengthen the bargaining power of smaller businesses, or for curbing anticompetitive conduct by gas stations on Jeju Island and promoting free price competition in the fuel market. Staff members who handled sanctions against Myeongnyundang for violating the Franchise Business Act and those who established consistency in policies for large business groups by changing Coupang's designated same person from a corporation to an individual each received 3 million won. Employees who helped the South Korean government win in full in the 325 billion won international investment dispute settlement (ISDS) case brought by Schindler, thereby saving a substantial amount of taxpayer money, also received 3 million won.

The special bonus program was first introduced under the Lee Jae-myung administration to boost morale in the public service by providing exceptional rewards to employees who achieve outstanding results. At the award ceremony, FTC Chair Joo Byungki said, "We will continue to provide appropriate rewards to employees who deliver outstanding results that the public can see and feel. We plan to continue fostering an organizational culture in which employees can work proactively with conviction and passion."

This content was produced with the assistance of AI translation services.